Trump

Trump, the bitcoin reserve and the future of crypto

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="414" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-820x414.jpg" alt="" class="wp-image-601712" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-820x414.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-300x152.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-160x81.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-768x388.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-1536x776.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/DIL08644-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure>



By Ahmed Bin Sulayem, Kimberley Process (KP) Chair 2024 – 2025 and Executive Chairman and CEO of DMCC (Dubai Multi Commodities Centre)



In response to a recent article published on CNBC Africa, titled, <a href="https://cnbcafrica.com/2025/the-kimberley-process-an-illusion-of-ethics/">’The Kimberley Process: An Illusion of Ethics?’</a>, I’ve been compelled to pen a response that not only corrects its false narratives and commentary, but also takes the opportunity to clarify certain underlying facts about the KP’s successes, challenges and responsibilities since its foundation, almost 25 years ago.&nbsp;



Originating in May 2000 in Kimberley, South Africa, as an item on the agenda of the 55th session of the UN General Assembly, the Kimberley Process (KP) was first discussed as a mechanism to mitigate the damaging social effects of the trade in conflict diamonds, and how a framework could be established to reduce these influences. Three years later, the Kimberley Process Certification Scheme (KPCS) was launched as a joint government, industry, and civil society initiative that to date, <a href="https://dmcc.ae/ecosystems/diamonds/kimberley-process">has stemmed the flow of 99.8% of the global production of conflict diamonds</a>.



In the opening paragraph of the ‘Illusion of Ethics’, the writer, Dr. M&#8217;zée Fula-Ngenge, chairman of the African Diamond Council, states that the KPCS “is beset by a confluence of structural, operational, and ethical deficiencies that collectively undermine its legitimacy, efficacy, and relevance within the global diamond industry. These challenges are not merely incidental but are deeply entrenched in the Kimberley Process’ (KP) institutional framework, rendering it ill-equipped to address the evolving demands of ethical sourcing, transparency, and accountability. A critical examination of these issues reveals that the KP’s failures are systemic, necessitating transformative reforms to restore its credibility and ensure its continued relevance.”



Underpinned by United Nations mandate, the KPCS is widely documented as the only successful, collaborative effort to reduce the circulation of conflict diamonds from above 15 per cent in the 1990s, to well under 1 per cent today. Additionally, the KPCS is the only reason for an international framework for regulating the trade of rough diamonds. For these reasons alone, I contest that the KPCS’s significant achievements to date, and its ongoing development have only been possible courtesy of its structural, operational, and ethical strengths, which have demonstrably delivered on its mission of stemming the flow of conflict diamonds into wider circulation – a role it continues to fulfil and refine.



Stating that the KP should be “confronting its limitations, failures, and the broken promise of a ‘Year of Delivery’,” I would like to clarify that 2024 included several significant milestones, namely, the admittance of Uzbekistan as a new KP member, and the readmittance of the Central African Republic to the body following its decade-long ban. The ‘Year of Delivery’ also included the UAE’s initiative of a proof-of-concept for the digitalisation of the KP certification process, one of its key objectives.



The author goes on to cite that the KP’s “inability to address well-documented cases of non-compliance among member states, such as the infiltration of conflict diamonds from regions like the Central African Republic (CAR), demonstrates a systemic failure to enforce its own mandate. This lack of accountability is compounded by operational inefficiencies, including mismanagement and a lack of transparency, which further erode the KP’s credibility.”



As one of the KP’s key accomplishments, it was my personal pleasure to visit the CAR on behalf of the KP in order to fast-track the country’s reintegration in light of an improving security situation – an achievement that was not only widely supported by Jaff Bamenjo of the Civil Society Coalition, but also Feriel Zerouki, President of the World Diamond Council.



Moving onto what Dr. Ngenge referred to as the KP’s “over-reliance on consensus-based decision-making [[which]] exacerbates these issues by stifling critical thinking and suppressing dissenting viewpoints”, while consensus can slow decision-making, it is also what makes the Kimberley Process unique as a rare example of what a truly global multi-stakeholder initiative looks like. Without consensus, the process would risk becoming another top-down regulatory body that lacks the buy-in of key participants, particularly diamond-producing nations in Africa. The Kimberley Process was designed to ensure that all voices are heard, including those from artisanal mining communities. A unilateral approach dictated by a few dominant nations (like the G7) would be far less effective and could potentially alienate the very countries that need the KP the most, i.e., Africa’s diamond-producing nations.



Ngenge’s remaining criticisms can be addressed in a single statement, which can also serve as an important reminder to both diamond industry stakeholders and critics, who remain unclear about the KP’s function.



In brief, Ngenge states that “The economic downturns and shifting consumer preferences have further exposed the KP’s inadequacies in the most unexpected manner”, that the “glaring structural flaws in the KP’s framework is its narrow regulatory scope, which focuses exclusively on rough natural diamonds” and “the KP’s failure to address issues such as smuggling and fraudulent certification.”



It has become common place among detractors to criticise the KP for not being a universal solution for the diamond sector’s global challenges, including, as illustrated by Dr. Ngenge’s comment, what it’s not mandated to do. As a result, I feel this is a timely opportunity to remind the international community that one of the KP’s many key strengths is its function of fitting into a far wider network of organisations that play complementary roles in ethical diamond sourcing.



Let me be absolutely clear: The Kimberley Process was never designed to be a global financial watchdog, an anti-money laundering agency, or a tax enforcement mechanism. Expecting the KP to solve challenges outside its jurisdiction is as illogical as blaming Interpol for failing to regulate corporate tax fraud. Yet, the debate surrounding the KP has taken on an emotional tone, particularly in claims that it is a &#8220;massive greenwashing operation&#8221; or that it &#8220;certifies blood diamonds as legitimate.&#8221; These statements are false and misleading. They do not serve the interests of responsible stakeholders seeking real reform. For the sake of clarity, the Kimberley Process Certification Scheme (KPCS) focuses on the trade of rough diamonds, not polished diamonds. Once rough diamonds are cut and polished, they fall outside the scope of the KPCS.



While I am in admiration of Dr. Ngenge’s commitment to transparency, I am concerned about his promotion of Authentia.io, a yet-to-be-developed traceability platform for which he has claimed to have worked with its developers over the past three-and-a-half years. While this may be true, it indicates a clear conflict of interest, with his ADC standing to gain from its implementation. By positioning the ADC as an authority in diamond traceability while promoting a specific platform, I have several concerns about whether his advocacy is driven by industry ethics or business interests.



Contrary, Dr. Ngenge fails to recognise the Kimberley Process’s recent advances in digitalisation and traceability, particularly through its Verifico platform. Currently in proof-of-concept for digitalisation of the KP, Verifico represents a major step forward in strengthening supply chain integrity by leveraging modern technology. By implementing blockchain and other digital tools, Verifico enhances the tracking and certification of diamonds, making it more difficult for illicit stones to enter the legitimate supply chain. Ignoring this development significantly undermines the credibility of arguments that the KP is outdated or ineffective.



Towards the end of the article, Dr. Ngenge states that “The KP must implement stronger enforcement mechanisms to remove non-compliant members and ensure accountability. This could include the establishment of an independent monitoring body with the authority to investigate and sanction violations, which the ADC is willing to set up and assist with.”



This neatly brings me onto the credibility of Dr. Ngenge and the African Diamond Council.



In the world of African diamond governance, two organisations are often erroneously confused: the African Diamond Producers Association (ADPA) and the African Diamond Council (ADC). While the ADPA is indisputably recognised as the legitimate intergovernmental body for African diamond-producing nations, the ADC remains a lesser-known and often controversial entity. At the centre of the ADC is Dr. Ngenge, a self-proclaimed diamond industry strategist who has made bold claims about his role in shaping the industry, including asserting that he was instrumental in the formation of the DMCC (Dubai Multi Commodities Centre). However, the truth about the ADC, its legitimacy, and Dr. Ngenge&#8217;s claims reveal inconsistencies, self-promotion, and potential vested interests.



The African Diamond Council presents itself as “Africa’s official diamond governing body”, supposedly composed of the heads-of-state from Africa’s diamond-producing countries. It claims to have been founded in January 2000 in Luanda, Angola, with a mission to regulate Africa’s diamond trade. It also frequently positions itself as the supreme authority, even referring to the ADPA as “a continental branch of ADC”. However, no legal or governmental documentation supports this claim.



Unlike ADPA, an intergovernmental body, <a href="https://www.kimberleyprocess.com/observer-groups-and-roles">formally recognised as one of the KP’s Observer Groups</a>, the ADC is not officially acknowledged by any major international regulatory body. It operates as a private advocacy group, relying on self-proclaimed authority rather than government backing. The African Union and other multinational African institutions do not officially recognise the ADC, and there is no evidence of heads-of-state formally convening under the ADC’s leadership.



<a href="https://www.kimberleyprocess.com/observers/african-diamonds-producers-association">The African Diamond Producers Association (ADPA),</a> on the other hand, was officially established in 2006 via the Luanda Declaration and serves as a recognised intergovernmental organisation headquartered in Angola. It consists of the mining ministers from its member states and represents African diamond-producing nations in global forums. It also actively participates in the Kimberley Process, influencing policies that govern the trade of rough diamonds. In total, ADPA includes at least 15 African nations, including major producers such as Angola, South Africa, and Zimbabwe.



In contrast, the ADC has no formal government membership and is not involved in policy-making. Additionally, it isn’t listed as an observer in the Kimberley Process and holds no official standing in diamond trade governance. Its underlying authority and credibility comes almost exclusively from self-published materials and the reputation of its chairman, Dr. Ngenge.



In his capacity as chairman of the ADC, Dr. Ngenge has presented himself as an influential figure in African diamond policy. Previous claims include pivotal roles in:



<ul class="wp-block-list">
<li>The establishment of the Kimberley Process (KP) – he states that he was “Chief Administrative Developer” in 2000 and “Project Launch Team Coordinator” in 2001.</li>



<li>Shaping Dubai’s diamond industry and founding DMCC – he has asserted that he was a “principal trustee and decisive proponent” in forming the DMCC (Dubai Multi Commodities Centre) in 2002.</li>



<li>Advocating for diamond traceability and governance reforms – he promotes the ADC as a leading authority in shaping Africa’s diamond sector.</li>
</ul>



While his involvement in early Kimberley Process discussions may be partially accurate, there is no tangible evidence to support this claim – nor is there any verifiable evidence to support his claims regarding the formation of DMCC.



DMCC (Dubai Multi Commodities Centre) was established in May 2002 by a royal decree issued by Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai. The official DMCC narrative credits Dubai’s leadership and executives, including myself, as the primary forces behind its creation. Nowhere in DMCC’s official records, government statements, or founding documents does Dr. Ngenge’s name appear.



DMCC categorically denies Dr. Ngenge’s involvement in its founding or the establishment of the Dubai Diamond Exchange. Courtesy of these revelations, I am pleased to confirm that Rough &amp; Polished has deleted its reference to Dr. Ngenge&#8217;s false claim about DMCC from the English version of its website.



While I cannot speak for the reasons behind Ngenge’s OpEd, his outspoken criticism coincides with his attempts to participate in the KP’s Intersessional meeting in May 2024, where he was removed by security for attempting to enter closed sessions without verifiable invitation.



In the same way that the KP should be held to account and scrutiny, the industry should also pay close attention to those that criticise it, including their status, credibility, and potential motivations for undermining it. While I will be the first to admit that no organisation is perfect, the KP’s empirical status as the only vehicle of collaborative efficacy in the diamond industry’s global fight against conflict diamonds should not be underestimated, nor disposed of due to ‘room for improvement’.



As we continue with the ‘Year of Best Practice’, I once again look forward to welcoming back all credible members of the diamond community, where we will continue to uphold our mission in stemming conflict diamonds from our global supply chains.

DIL08644

The Kimberley Process: The only demonstrable vehicle of collaborative efficacy in the diamond industry’s global fight against conflict diamonds

What’s Stopping The U.S. From Pumping More Oil?

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="4012" height="2932" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/4MJWUG2Y4BLLRMY5UP5QQD5V6Y.avif" alt="" class="wp-image-601607"/><figcaption class="wp-element-caption">Women walk past a PEP Home store in Johannesburg, South Africa, November, 22, 2022. REUTERS/Sumaya Hisham/File Photo</figcaption></figure>



JOHANNESBURG, March 25 (Reuters) &#8211; South Africa&#8217;s Pepkor said on Tuesday it will buy fashion businesses Legit, Swagga and Style and homewares brand Boardmans from privately owned retail group Retailability, as part of its expansion into the adult clothing market.



Pepkor, which also sells electronics and furniture, already owns the PEP and Ackermans clothing brands which have given it a dominant share of the children&#8217;s clothing and school uniform markets in South Africa.



The total purchase consideration payable on the closing of the proposed deal represents less than 2% of Pepkor&#8217;s market capitalisation subject to relevant net working capital adjustments, Pepkor said in a statement. It will be settled in cash



According to LSEG data, Pepkor&#8217;s market capitalisation was 97 billion rand ($5 billion) at Monday&#8217;s close, making the deal worth around 1.94 billion rand, or $107 million.



The businesses to be bought by Pepkor operate 462 stores across South Africa, Botswana, Lesotho, Namibia and Eswatini. They will be incorporated into Pepkor&#8217;s Speciality business unit, which has 941 stores across the same countries.



&#8220;The proposed transaction will add significant additional scale to Pepkor Speciality and expand its product offering in the adult market, especially in womenswear through the Legit brand,&#8221; Pepkor said.



Pepkor has been growing its adultwear categories over the past year through the recent acquisition of Choice Clothing and the launch of its new Ayana womenswear brand.



Retailability, which sells affordable apparel and lifestyle products across a number of brands in Southern Africa, bought department store chain Edgars from struggling parent Edcon in 2020 after it entered into a form of bankruptcy protection.



The Edgars, Edgars Beauty, Red Square, Kelso and Keedo businesses will continue to be operated by Retailability, Pepkor said.



($1 = 18.2675 rand)



(Reporting by Nqobile Dludla; Editing by Joe Bavier)

4MJWUG2Y4BLLRMY5UP5QQD5V6Y

South Africa’s Pepkor to buy Retailability adult clothing businesses

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg" alt="" class="wp-image-400641" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/1x-1-2-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A collection of mixed denomination South African rand coins sit in an arranged photo in Johannesburg, South Africa, on Thursday, June 22, 2017. South Africas inflation rate rose for the first time this year in May after food-price growth quickened from the slowest pace since December 2015. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, March 25 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand edged higher early on Tuesday as markets focussed on U.S. President Donald Trump&#8217;s tariffs and awaited the country&#8217;s key indicator data due later in the day.



At 0608 GMT, the rand traded at 18.23 against the U.S. dollar, about 0.2% stronger than Monday&#8217;s close.



Local investors will focus on South Africa&#8217;s leading indicator for January at 0700 GMT, which collects data on vehicle sales, business confidence, money supply and other factors in Africa&#8217;s most industrialised economy.



The dollar was little changed against a basket of currencies as investors awaited clarity on the next round of Trump tariffs expected to take effect on April 2.



South Africa&#8217;s benchmark 2030 government bond was slightly weaker, with the yield up 2 basis points to 9.155%.



(Reporting by Sfundo Parakozov; Editing by Tannur Anders and Sumana Nandy)

South African Economy As Inflation Rate Rises For First Time In 2017

South African rand firms as markets await leading indicator data

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-820x547.jpeg" alt="" class="wp-image-601538" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-820x547.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-300x200.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-135x90.jpeg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-768x512.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-1536x1024.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/108120681-1742877286599-gettyimages-2206472137-vcg111556724938-scaled.jpeg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Attendees pose for a group photo before the opening ceremony of the China Development Forum 2025 at the Diaoyutai Guesthouse on March 23, 2025, in Beijing. China News Service | China News Service | Getty Images</figcaption></figure>



BEIJING — China courted the executives of major U.S. businesses at an annual conference this week in a sign of how Beijing seeks to offset trade pressures, rather than retaliate forcefully.



China has long sought to attract foreign investment as a way to bolster growth, while tapping business interests for potential influence on the White House, particularly under U.S. President Donald Trump. The U.S. has twice increased tariffs across all Chinese goods since January, but Beijing has only announced targeted duties and restrictions on a handful of American companies.



Conversation on the sidelines of the state-organized China Development Forum this week in Beijing reinforced a more conciliatory stance than official rhetoric this month about how China is prepared to fight “any type of war” with the United States.



Chinese conference attendees weren’t that focused on what can be done to respond to U.S. tariffs, Stephen Roach, senior fellow at Yale Law School’s Paul Tsai China Center, told CNBC.



“The questions I’ve been getting more [are], why is Trump doing this? What is he trying to achieve? What does he think it takes to really make America great?” Roach said. He has attended the event since the early 2000s.



“My answer is this is an unprecedented period for America’s role in the world economy. We’re going back to a tariff regime that history tells us can be extremely destructive,” Roach said, adding he expects more policy uncertainty in the U.S. and around the world “for a long, long time.”



U.S. stocks have swung in recent weeks as investors try to assess the economic impact of Trump’s changing plans for tariffs on major U.S. trading partners. U.S. Federal Reserve Chair Jerome Powell last week said tariffs could delay progress on lowering inflation in the U.S.



<h2 class="wp-block-heading" id="h-a-message-of-reassurance"><a></a>A message of ‘reassurance’</h2>



At this week’s conference, China was trying to send a message of “reassurance” — on how it plans to boost consumption and how the country is headed in a “modestly positive direction” relative to what is happening in the U.S., said Scott Kennedy, senior advisor and trustee chair in Chinese business and economics at the Center for Strategic and International Studies, a think tank based in Washington, D.C.



If the U.S. imposes significantly large tariffs in early April, “then you go from managing costs and de-risking to possibly de-coupling,” Kennedy told CNBC. “And then that might mean the game is up. So I think the level of anxiety is pretty high. And that’s why China is trying to provide this message of reassurance.”



The Trump administration has threatened a swath of new tariffs on major trading partners starting early April. China has increased its trade with Southeast Asian countries and the European Union, but the U.S. remains Beijing’s largest trading partner on a single-country basis.



The China Development Forum ran Sunday and Monday. Apple CEO Tim Cook was among the executives who attended, but Tesla CEO Elon Musk was not.



“The increased optimism this year compared to last year at the CDF has been just so heart warming,” Ken Griffin, CEO of hedge fund Citadel, said during an official panel at the forum.



Trump “is committed to American companies having access to a global market,” Griffin said. “And the President is willing to use tariffs to seek to enforce this worldview.”



<h2 class="wp-block-heading" id="h-first-step-toward-xi-trump-meeting"><a></a>First step toward Xi-Trump meeting?</h2>



Also on Sunday, U.S. Republican Senator Steve Daines met Chinese Premier Li Qiang in Beijing — the first time a U.S. politician has visited China since Trump began his latest term in January.



“This was the first step to an important next step, which will be a meeting between President Xi and President Trump,” Daines told the Wall Street Journal. “When that occurs and where it occurs is to be determined.”



The White House did not immediately respond to a request for comment.



Li urged cooperation and said no one can gain from a trade war, according to state media.



FedEx CEO Raj Subramaniam, Boeing Senior Vice President Brendan Nelson, Cargill CEO Brian Sikes, Medtronic CEO Geoffrey Martha, Pfizer CEO Albert Bourla, Qualcomm CEO Cristiano Amon, UL Solutions CEO Jennifer Scanlon and U.S. China Business Council President Sean Stein were also present at Daines’ meeting with Li, according to a foreign media pool report.



China, the world’s second-largest economy, remains a significant source of revenue for many multinational corporations, not to mention a major part of their supply chains.



Despite its efforts to bolster international business ties, the country has warned of countermeasures on U.S. tariffs and taken incremental steps.



Following U.S. sanctions on Chinese telecommunications giant Huawei during Trump’s first term as president, Beijing launched an unreliable entities list that restricts foreign business activity with China.



China added Calvin Klein parent PVH and a few other U.S. companies to the list after this year’s tariff increases. On Monday, China also said it would soon reveal new measures that would give it a legal basis for countering foreign pressure.



<h2 class="wp-block-heading" id="h-economic-factors"><a></a>Economic factors</h2>



For U.S. companies in China, the state of the economic recovery has also been an important factor for local business plans.



Since late September, China has stepped up efforts to support the economy. Top policymakers earlier this month affirmed stimulus plans and a recent effort to encourage private-sector tech entrepreneurs in the wake of DeepSeek’s artificial intelligence breakthroughs.



“This year, you feel a lot of positive momentum beginning in China. So I feel like recovery is underway,” Wendell P. Weeks, CEO of Corning, told CNBC.



However, China’s economy has struggled with deflationary pressure and a real estate slump, weighing on regional growth prospects for international businesses.



Even Beijing’s push to support high-tech manufacturing has so far only added an average 1.1 percentage points to gross domestic product growth in each of the last three years — not enough to offset the 1.7 percentage point drag from real estate during that time, according to Goldman Sachs estimates.



“We will remain optimistic because the role of technology is important, I think more than ever,” Qualcomm’s Amon told CNBC. “I think technology is going to be part of economic growth.”

108120681-1742877286599-gettyimages-2206472137-vcg111556724938

China invites U.S. business leaders to Beijing as it tries to decipher Trump’s trade plans

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



March 25 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Tuesday.



<h2 class="wp-block-heading" id="h-events">EVENTS:</h2>



Kenya Airways releases its full year 2024 financial results.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Asian stocks rose on Tuesday, taking cues from the Wall Street, as the prospect of narrower-than-feared U.S. tariffs boosted risk appetite, while the dollar hovered near three-week highs after upbeat economic data provided some comfort.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices barely moved on Tuesday as investors weighed the impact of U.S. tariffs on countries buying oil and gas from Venezuela against the effect of tariffs on industries such as automobiles on the global economy and oil demand.



<h2 class="wp-block-heading" id="h-south-africa-markets">SOUTH AFRICA MARKETS</h2>



South Africa&#8217;s rand gained on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



Kenya&#8217;s shilling was broadly stable against the dollar on Monday, data from the London Stock Exchange Group showed.



<h2 class="wp-block-heading" id="h-ghana-inflation">GHANA INFLATION</h2>



Ghana&#8217;s new central bank governor said on Monday that inflation remains uncomfortably high and would require a balanced monetary policy.



<h2 class="wp-block-heading" id="h-kenya-imf">KENYA IMF</h2>



Kenya has applied for a new lending programme from the International Monetary Fund that will factor in unused money from the current programme which both sides walked away from last week, Finance Minister John Mbadi said on Monday.



<h2 class="wp-block-heading" id="h-senegal-economy">SENEGAL ECONOMY</h2>



The International Monetary Fund said on Monday that talks on a new programme for Senegal could not go ahead until the government addressed the misreporting of key economic data under the previous government.



<h2 class="wp-block-heading" id="h-congo-security">CONGO SECURITY</h2>



A de facto ceasefire between Congolese forces and Rwandan-backed rebels in the eastern Congo town of Walikale appeared to have broken down on Monday, with the rebels going back on a pledge to withdraw and accusing the army of violating its own commitments.



<h2 class="wp-block-heading" id="h-sudan-diplomacy">SUDAN DIPLOMACY</h2>



South Sudan and Chad have condemned threats made by a top Sudanese general, warning of the risk of regional escalation.



((Compiled by Nairobi Newsroom))

World map with charts and graphs as symbols of global finance

African Markets – Factors to watch on March 25

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="3534" height="2160" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZIIXQ6OSDZNIDMT4XSSBJ756JM.avif" alt="" class="wp-image-601515"/><figcaption class="wp-element-caption">Members of the M23 rebel group stand guard as people attend a rally addressed by Corneille Nangaa, Congolese rebel leader and coordinator of the AFC-M23 movement, in Bukavu, eastern Democratic Republic of Congo February 27, 2025. REUTERS/File Photo</figcaption></figure>



NAIROBI, March 25 (Reuters)&nbsp;&#8211;&nbsp;The political blocs of Southern and Eastern Africa have expanded the mediation team for negotiating an end to the Rwanda-backed M23 rebel offensive in eastern Congo, at a heads of state meeting on Monday that Rwanda described as fruitful.



Diplomatic efforts to resolve eastern Congo&#8217;s biggest conflict in decades appeared to have stalled last week when the M23 failed to attend peace talks with the Congolese government in Angola, and later captured the strategic town of Walikale.



The violence, rooted in the long fallout from the 1994 genocide in Rwanda and competition for control of mineral riches, has led to rebel control of eastern Congo&#8217;s two largest cities, thousands of deaths and fears of a wider regional war.



The Southern and Eastern Africa blocs appointed five former heads of state, including Nigeria&#8217;s Olusegun Obasanjo, South Africa&#8217;s Kgalema Motlanthe and Ethiopia&#8217;s Sahle-Work Zewde to &#8220;facilitate&#8221; the peace process, they said in a statement early on Tuesday.



Congo&#8217;s presidency said on X the new panel would appoint a mediator to replace the president of Angola, who withdrew on Monday following years of faltering efforts to ease tensions between Rwanda and Congo.



Rwanda&#8217;s government, which is facing sanctions and had some aid suspended over its reported provision of arms and troops to M23, said on X the leaders attending Monday&#8217;s summit &#8220;committed to a political solution that addresses the security concerns of all parties.&#8221;



Congo accuses M23 of being a Rwandan proxy. Rwanda denies involvement, but also says its forces are acting in self defence against Congo&#8217;s army and militias hostile to Kigali.



The Angolan government expressed frustration last week about a surprise meeting arranged by Qatar&#8217;s emir between Congo President Felix Tshisekedi and his Rwandan counterpart Paul Kagame, the first face-to-face meeting between the two men since the conflict escalated towards the end of last year.



Tshisekedi and Kagame issued a joint statement along with Qatar that called for an &#8220;immediate and unconditional&#8221; ceasefire, but which failed to halt the violence.



M23 withdrew from what could have been its first direct negotiations with Kinshasa last week after the European Union imposed sanctions against rebel and Rwandan officials.



(Reporting by Congo Newsroom; Writing by Hereward Holland; Editing by Kim Coghill)

ZIIXQ6OSDZNIDMT4XSSBJ756JM

African blocs expand mediation team for Congo conflict

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg" alt="" class="wp-image-524999" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/08/7ZNSSGJXYVLLPCVOFDAM5N2QZ4-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district, on the outskirts of Lagos, Nigeria August 7, 2019. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



NEW YORK, March 24 (Reuters)&nbsp;&#8211;&nbsp;U.S. jet fuel imports are set to hit a two-year high in March after Nigeria&#8217;s Dangote refinery pushed barrels to North America,&nbsp;which should lower prices of the aviation fuel in the peak summer travel season, trade analysts and storage brokers said.



The shipments by the 650,000 barrels-per-day (bpd) Dangote refinery, Africa&#8217;s largest, highlight its potential to reshape global fuel trading dynamics by creating a new swing supplier in the Atlantic Basin.



It has already shown signs of success in competing with European refiners on gasoline exports, and the jet fuel shipments to the United States could challenge domestic producers&#8217; economics in the largest fuel consuming nation.



Six vessels carrying about 1.7 million barrels of jet fuel from the Dangote refinery arrived at U.S. ports this month, data from ship-tracking service Kpler showed. Another vessel, Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29 with a load of about 348,000 barrels of jet fuel, the data showed.



Total U.S. jet fuel imports so far in March stood at around 226,000 bpd, the most since February 2023, the data showed.



The Dangote refinery started production last January after years of construction delays, and ramped up to about 85% of capacity in early February, allowing it to sell more fuel to international markets.



Dangote is unlikely to be a regular jet fuel supplier to the U.S., but a maintenance-related shutdown of the Phillips 66 PSX.N Bayway refinery in New Jersey helped open a rare arbitrage opportunity for flows from Nigeria to the U.S., Sparta Commodities analyst James Noel-Beswick said.



The window is likely to close soon or shrink significantly due to elevated U.S. inventories of the aviation fuel, Noel-Beswick added.



Demand to lease storage tanks for jet fuel in Houston and New York Harbor in April is averaging around 700,000 barrels on storage broker TankTiger&#8217;s platform, five to six times the average monthly demand, TankTiger Chief Operating Officer Steven Barsamian said.



The surge in demand, partly due to the influx of supply from Nigeria, is likely to lower jet fuel prices in the U.S. ahead of peak summer travel season, Barsamian said.



Despite lower prices, air travel over the summer could be dampened by economic headwinds from a stock market selloff and waning consumer confidence, Sparta&#8217;s Noel-Beswick said.



U.S. jet fuel stocks ended February at 45.2 million barrels, the highest for the month since 1999, data from the U.S. Energy Information Administration showed.



U.S. refiners&#8217; yield of jet fuel hit a record last year, reflecting stronger demand relative to other transportation fuels, the EIA said on Monday. The agency expects U.S. jet fuel consumption to touch a record in 2026.



(Reporting by Shariq Khan in New YorkEditing by Nick Zieminski)

FILE PHOTO: A view shows part of Dangote oil refinery in Ibeju Lekki district

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

How Japan’s largest AI unicorn is shaping the future of deep learning

How much U.S.-Canada tariffs will cost Americans

<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="538" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1-820x538.png" alt="" class="wp-image-601143" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1-820x538.png 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1-300x197.png 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1-137x90.png 137w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1-768x504.png 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-1.png 1414w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure></div>


Digital advancements in payment technology have transformed the way we shop and transact, making these experiences seamless and efficient. Today, commerce knows no bounds, and personalized data is readily accessible. Effortless money transfers, streamlined in-app purchases, and AI-powered insights have become integral to our daily lives.



This growth is largely driven by the rise of digital payments, unleashing a wave of economic expansion across Central and Eastern Europe, the Middle East and Africa (CEMEA). Digital payments are expected to reach $36.75 trillion in total transaction value by 2029, reflecting a 15.90% annual growth rate from 2025.



However, this surge in digital payments has also opened up new avenues for fraud and scams, creating a critical need for security measures and constant consumer vigilance. Visa is committed to ensuring that digital payments passing through its networks are not only seamless, but secure.



Digital Payments Take Center Stage



The shift towards digital transactions is undeniable. From mobile wallets to online shopping platforms, digital payments have become deeply ingrained in our daily lives. This trend is reflected in Visa’s own data, with billions of transactions processed annually across its network.



The convenience of digital payments is a key factor prompting this growth, as highlighted in Visa’s recent <a href="https://km.visamiddleeast.com/en_KM/pay-with-visa/security-and-assistance/stay-secure-2025.html">Stay Secure</a> study of 5,800 adults across 17 Central and Eastern Europe, the Middle East, and Africa (CEMEA) markets, which projects a 74% increase in digital payments usage in the coming year. This is primarily driven by the sheer convenience of digital transactions: 70% of consumers find them faster and easier to use, 68% appreciate the 24/7 availability, and 60% value the ability to easily send funds to loved ones.



Empowered Consumers, Secure Transactions



Despite this positive momentum, the issue of trust remains central to the digital payments landscape’s growth trajectory. While robust security measures are essential, consumer vigilance also plays a crucial role in mitigating fraud.



Fortunately, there is a growing awareness among CEMEA consumers, with 97% having taken precautions to secure their payments. This includes avoiding suspicious links (60%), protecting login credentials (58%), and setting up transaction alerts (48%).


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="820" height="536" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2-820x536.jpg" alt="" class="wp-image-601144" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2-820x536.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2-768x502.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2025/03/Visa-2.jpg 1431w" sizes="auto, (max-width: 820px) 100vw, 820px" /></figure></div>


Two-Factor Authentication: Shield Against Fraud Security is paramount, and it is reassuring to see that 83% of consumers who use digital payments feel more secure when two-factor authentication is required. This added layer of protection, whether it&#8217;s text confirmation, biometric scan, or push notification, provides invaluable peace of mind in an increasingly complex digital environment.



Securing the Future of Digital Payments



The digital era presents both immense opportunities and significant challenges. While the convenience and speed of digital payments are transforming the economic landscape, the rise in fraud and scams demands a concerted effort to enhance security and build consumer trust.



Visa plays a leading role in this effort, investing in cutting-edge technologies, advocating for responsible AI regulation, and empowering consumers through education and transparency. Through strategic partnerships and collaborative efforts – payment providers, financial institutions, businesses, and government stakeholders – we can create a digital payments ecosystem that is both secure and convenient, unlocking the full potential of the digital economy while mitigating risks.



Read the latest Stay Secure report <a href="https://km.visamiddleeast.com/content/dam/VCOM/regional/cemea/genericmena/pay-with-visa/security-and-assistance/stay-secure-2024/stay-secure-report.pdf">here</a> and visit <a href="https://km.visamiddleeast.com/en_KM/pay-with-visa/security-and-assistance/stay-secure-2025.html">VisaMiddleEast.com</a> to find out more about Visa’s Stay Secure campaign.

Visa 4_page-0001

Staying Secure in a Digital World: How Visa is Empowering Consumers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg" alt="" class="wp-image-529685" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/09/TE3RFSDQENJTFFYC6SW6PIPCBE-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas/File Photo</figcaption></figure>



NAIROBI, March 24 (Reuters)&nbsp;&#8211;&nbsp;Kenya has applied for a new lending programme from the International Monetary Fund in order to factor in unused money from the current programme, which both sides walked away from last week, Finance Minister John Mbadi said on Monday.



The East African nation and the IMF agreed last week to scupper the ninth and final review of the current programme, which was set to expire next month. Mbadi said the decision to do so was down to time limitations.



&#8220;Because there is a carryover, there is some money that we have not utilized in the ninth review, then we agreed that there&#8217;s a possibility of a funded programme,&#8221; he told Reuters.



Mbadi said there was roughly $800 million left on the table.



President William Ruto&#8217;s government has struggled to get its finances back on track after a borrowing spree led to a surge in debt-servicing costs.



(Reporting by Duncan Miriri, editing by Libby George and Alex Richardson)

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington

Kenya has applied for new IMF lending programme, finance minister says

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="5000" height="3333" src="https://cms.cnbcafrica.com/wp-content/uploads/2025/03/ZDLMSIGEBBPQBOFRWSNUUJYYMY.avif" alt="" class="wp-image-601146"/><figcaption class="wp-element-caption">M23 rebels sit on a truck during the escort of captured FDLR members (not pictured) to Rwanda for repatriation, at the Goma-Gisenyi Grande Barrier border crossing, March 1, 2025. REUTERS/Arlette Bashizi/File Photo</figcaption></figure>



March 24 (Reuters)&nbsp;&#8211;&nbsp;Angola will step down from its position as a mediator between parties involved in an escalating Rwanda-backed rebel offensive in eastern Congo, the presidency said on Monday, with another African state set to lead efforts to get peace talks back on track.



The ethnic Tutsi-led M23 escalated their long-standing rebellion this year, seizing east Congo&#8217;s two biggest cities since January and encroaching into territory rich in minerals such as gold and tantalum.



As the current rotating African Union (AU) Chairperson, Angola&#8217;s President Joao Lourenco had been trying to mediate a lasting ceasefire and lower tensions between Congo and neighbouring Rwanda, which has been accused of backing M23. Rwanda denies this.



Congo and M23 were scheduled to hold direct talks for the first time in Angola&#8217;s capital Luanda last week after Congo&#8217;s President Felix Tshisekedi, who had long refused dialogue with the rebels, agreed to send a delegation.



M23 pulled out at the last minute, following European Union sanctions against M23 and Rwandan officials.



&#8220;Angola considers the need to free itself from the responsibility of the mediator of this conflict&#8221; to &#8220;devote itself more&#8221; to the AU&#8217;s overall priorities, the presidency said in a statement that mentioned the &#8220;aborted&#8221; meeting in Luanda.



Another head of state will be appointed to the task in coming days, the statement said.



There have been several attempts to resolve the conflict, rooted in the fallout from Rwanda&#8217;s 1994 genocide and competition for mineral riches, including several ceasefires that were violated, international condemnations, sanctions and regional summits.



The regional blocs of southern and eastern Africa will hold a second joint summit on Monday to address the crisis. Kenya&#8217;s President William Ruto and his Zimbabwean counterpart Emmerson Mnangagwa will co-chair the virtual event.



M23 last week dismissed a joint call for an immediate ceasefire by Congo and Rwanda and reiterated demands for direct talks with Kinshasa, saying it was the only way to resolve the conflict.



The rebel group said over the weekend that it would withdraw forces from the seized town of Walikale in support of peace efforts.



In response, Congo&#8217;s army said it would observe the announced withdrawal and refrain from any offensives against enemy forces to encourage de-escalation.



A civil society source and a resident in Walikale said on Monday that M23 were still in the town.



(Reporting by Congo newsroom; Writing by Sofia Christensen; Editing by Hereward Holland and Toby Chopra)

ZDLMSIGEBBPQBOFRWSNUUJYYMY

Angola to end east Congo conflict mediation role, presidency says

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg" alt="" class="wp-image-505638" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-768x513.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-1536x1025.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1161864874-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A South African one rand coin sits on South African rand banknotes in this arranged photograph in Pretoria, South Africa, on Wednesday, Aug. 14, 2019. The rand ended a tumultuous week on a positive note, gaining against the dollar for a second day and heading for its first weekly advance in four as technical indicators suggested recent declines are overdone. Photographer: Waldo Swiegers/Bloomberg via Getty Images</figcaption></figure>



JOHANNESBURG, March 24 (Reuters)&nbsp;&#8211;&nbsp;South Africa&#8217;s rand strengthened on Monday as investors awaited clarity on the next round of tariffs from U.S. President Donald Trump.



At 0738 GMT, the rand traded at 18.17 per dollar, about 0.3% stronger than its previous close.



While the rand has gained about 4% against the dollar this year, trade in the local currency has often been volatile as both domestic and international factors weigh.



South Africa&#8217;s central bank kept its main interest rate unchanged last week despite cooling inflation amid risks stemming from Trump&#8217;s global trade war and the country&#8217;s deadlocked national budget.



The next round of tariffs is due on April 2, when the White House will announce reciprocal levies on many countries.



On the stock market, the Top-40 index was last up about 0.2%.



South Africa&#8217;s benchmark 2030 government bond was weaker, with the yield up 3 basis points to 9.09%.



(Reporting by Bhargav Acharya; Editing by Toby Chopra)

South African Rand Rebound Snaps Streak of Weekly Losses

South African rand firms as markets await US tariff clarity

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="612" height="357" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg" alt="" class="wp-image-400669" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1.jpg 612w, https://cms.cnbcafrica.com/wp-content/uploads/2021/04/istockphoto-1030878162-612x612-1-300x175.jpg 300w" sizes="auto, (max-width: 612px) 100vw, 612px" /><figcaption class="wp-element-caption">World map with charts and graphs as symbols of global finance</figcaption></figure>



March 24 (Reuters) &#8211; The following company announcements, scheduled economic indicators, debt and currency market moves and political events may affect African markets on Monday.



<h2 class="wp-block-heading" id="h-global-markets">GLOBAL MARKETS</h2>



Financial markets made an mixed start on Monday with U.S. stock futures rising but the dollar wavering ahead of a week driven by data, Chinese earnings and the threat of steep U.S. tariff hikes on the horizon.



<h2 class="wp-block-heading" id="h-world-oil-prices">WORLD OIL PRICES</h2>



Oil prices slipped on Monday as investors assessed the outlook for ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian oil to global markets.



<h2 class="wp-block-heading" id="h-kenya-markets">KENYA MARKETS</h2>



The Kenyan shilling was flat in early trading on Friday, compared with its performance in the previous session, according to data from the London Stock Exchange Group (LSEG).



<h2 class="wp-block-heading" id="h-sudan-war">SUDAN WAR</h2>



The Sudanese army seized full control of the presidential palace in downtown Khartoum on Friday, it said in a statement, in what would be a major gain in a two-year-old conflict with a rival armed group that has threatened to partition the country.



<h2 class="wp-block-heading" id="h-ethiopia-security">ETHIOPIA SECURITY</h2>



Ethiopia&#8217;s army said on Friday its troops had killed more than 300 fighters from the Fano armed group in two days of clashes in the northern Amhara region, as fears have emerged of a wider regional war.



<h2 class="wp-block-heading" id="h-ethiopia-debt">ETHIOPIA DEBT</h2>



Ethiopia has reached an agreement in principle with its official creditors on restructuring $8.4 billion of debt, the finance ministry said on Friday, adding it hoped the deal could boost difficult talks with other creditors including bondholders.



((Compiled by Nairobi Newsroom))

African Markets – Factors to watch on March 24

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49.jpg" alt="" class="wp-image-419287" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49.jpg 800w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2022/08/download-49-768x502.jpg 768w" sizes="auto, (max-width: 800px) 100vw, 800px" /><figcaption class="wp-element-caption">FILE PHOTO: Chickens for sale are seen in cages in a shop in Sao Paulo, Brazil August 18, 2017. REUTERS/Paulo Whitaker/File photo</figcaption></figure>



March 24 (Reuters) &#8211; Astral Foods said on Monday it expects its half-year profit to decline by as much as 60%, with a recent cybersecurity incident compounding the impact of lower chicken prices and higher input costs.



South Africa&#8217;s top poultry producer said its flagship division was negatively affected by downtime in processing and deliveries to customers following a cybersecurity incident on March 16, which impacted its half-year profit by about 20 million rand ($1.10 million).



This was due to revenue losses and the added costs of clearing the production backlog, Astral said in an initial trading update.



All business units were now operating normally and &#8220;no confidential information or sensitive data of customers, suppliers or individual stakeholders was compromised as a result of the cyber intrusion,&#8221; the company added.



Astral said it expects its profit to decline by as much as 60% in the six months to March 31 on the back of lower prices for chicken amid constrained consumer spending and higher feed input costs following last year&#8217;s drought.



($1 = 18.1368 rand)



(Reporting by Nelson Banya, Editing by Louise Heavens)

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South Africa’s Pepkor to buy Retailability adult clothing businesses

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African Markets – Factors to watch on March 25

African blocs expand mediation team for Congo conflict

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

How Japan’s largest AI unicorn is shaping the future of deep learning

How much U.S.-Canada tariffs will cost Americans

Staying Secure in a Digital World: How Visa is Empowering Consumers

Kenya has applied for new IMF lending programme, finance minister says

Angola to end east Congo conflict mediation role, presidency says

South African rand firms as markets await US tariff clarity

African Markets – Factors to watch on March 24

S.Africa’s Astral Foods flags sharp profit fall, reports cyber attack

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Trump, the bitcoin reserve and the future of crypto

The Kimberley Process: The only demonstrable vehicle of collaborative efficacy in the diamond industry’s global fight against conflict diamonds

What’s Stopping The U.S. From Pumping More Oil?

South Africa’s Pepkor to buy Retailability adult clothing businesses

South African rand firms as markets await leading indicator data

China invites U.S. business leaders to Beijing as it tries to decipher Trump’s trade plans

African Markets – Factors to watch on March 25

African blocs expand mediation team for Congo conflict

US jet fuel imports surge as Nigeria’s Dangote refinery pushes barrels west

How Japan’s largest AI unicorn is shaping the future of deep learning

How much U.S.-Canada tariffs will cost Americans

Staying Secure in a Digital World: How Visa is Empowering Consumers

Kenya has applied for new IMF lending programme, finance minister says

Angola to end east Congo conflict mediation role, presidency says

South African rand firms as markets await US tariff clarity

African Markets – Factors to watch on March 24

S.Africa’s Astral Foods flags sharp profit fall, reports cyber attack

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